Forming LLC - How do I keep business running until new authrity is approved

I would think you would have to lease the truck to the company. See what others say.

 

Ask an attorney, to be sure. Did you use one to set it up ? Ask him.
That said , the previous post is probably correct. Lease it to your LLC. A partner means it could get complicated , legally. You'll need an attorney to do a legal lease , anyway. I would think. Or else , you should put out a shingle.

 

I believe you can apply to transfer authority to the new entity:

Subpart D - Transfer of Operating Rights Under 49 U.S.C. 10926

§ 365.405Applications. (a) Procedural requirements. (1) At least 10 days before consummation, an original and two copies of a properly completed Form OP-FC-1 and any attachments (see paragraph (b)(1)(viii) of this section) must be filed with the Federal Motor Carrier Safety Administration, IT Operations Division (MC-RIO), 1200 New Jersey Ave., SE., Washington, DC 20590-0001. (2) At any time after the expiration of the 10-day waiting period, applicants may consummate the transaction, subject to the subsequent approval of the application by the FMCSA, as described below. The transferee may commence operations under the rights acquired from the transferor upon its compliance with the FMCSA's regulations governing insurance, and process agents. See49 CFR parts 387, subpart C, and 366, respectively. In the alternative, applicants may wait until the FMCSA has issued a decision on their application before transferring the operating rights. If the transferee wants the transferor's operating authority to be reissued in its name, it should furnish the FMCSA with a statement executed by both transferor and transferee indicating that the transaction has been consummated. Authority will not be reissued until after the FMCSA has approved the transaction. (b) Information required. (1) In category 1 and category 2 transfers, applicants must furnish the following information: (i) Full name, address, and signatures of the transferee and transferor.(ii) A copy of the transferor's operating authority involved in the transfer proceeding.(iii) A short summary of the essential terms of the transaction.(iv) If relevant, the status of proceedings for the transfer of State certificate(s) corresponding to the Certificates of Registration being transferred.(v) A statement as to whether the transfer will or will not significantly affect the quality of the human environment. (vi) Certification by transferor and transferee of their current respective safety ratings by the United States Department of Transportation (i.e., satisfactory, conditional, unsatisfactory, or unrated). (vii) Certification by the transferee that it has sufficient insurance coverage under 49 U.S.C. 13906 for the service it intends to provide.(viii) Information to demonstrate that the proposed transaction is consistent with the national transportation policy and satisfies the criteria for approval set forth at §365.409 of this part. (Such information may be appended to the application form and, if provided, would be embraced by the oath and verification contained on that form.)(ix) If motor carrier operating rights are being transferred, certification by the transferee that it is not domiciled in Mexico nor owned or controlled by persons of that country.(2) Category 2 applicants must also submit the following additional information: (i) Name(s) of the carrier(s), if any, with which the transferee is affiliated.(ii) Aggregate revenues of the transferor, transferee, and their carrier affiliates from interstate transportation sources for a 1-year period ending not earlier than 6 months before the date of the agreement of the parties concerning the transaction. If revenues exceed $2 million, the transfer may be subject to 49 U.S.C. 14303 rather than these rules.

 

Wow ! After trying to read that post , I think I'd have an attorney involved. They write this stuff , and not for our benefit, but theirs.

 

Yeah and somewhere on page 2,999 they have something that says the opposite. Too many big words in stuff like that for this country boy to read and understand. : )

 

You can change the authority over as long as you are on the new company. I have done it when I bought a company and then changed the name. You have to pay $14 and send in the paperwork with your name on it showing you are part of the new company.